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Australian dollar – Retail forex traders have bought consistently into Australian Dollar weakness, and our purely retail sentiment-based Momentum2 strategy has done well selling into AUDUSD declines.
Trade Implications – AUDUSD: The system is currently short the Australian Dollar from $0.9007, and our Senior Technical Strategist favors an AUDUSD short position as long as price remains below key resistance at $0.9150. Targets start at multi-year lows near $0.8850.
— Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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